Summary
The number of Americans applying for unemployment aid dropped for the sixth week in a row, according to the Labor Department. Applications fell to 217,000 in mid-July, lower than what analysts expected, showing a strong job market despite some economic uncertainties related to tariffs.
Key Facts
- Jobless claims dropped by 4,000 to 217,000 for the week ending July 19.
- Analysts had expected 227,000 new jobless claims.
- The decline in claims suggests fewer layoffs.
- The U.S. added 147,000 new jobs in June, more than expected.
- The unemployment rate fell slightly to 4.1% in June.
- Tariffs imposed by President Trump are causing some businesses to worry, potentially affecting hiring.
- The deadline for new tariffs was moved to August 1.
- Companies like Procter & Gamble and Starbucks have announced job cuts this year.
- The total number of people receiving unemployment benefits increased slightly to 1.96 million.
